US firm GQG Partners invests $1.87 billion in Adani Group

Washington: United States boutique investment firm GQG Partners has bought shares worth $1.87 billion in four Adani group companies, Reuters reported.

The decision of GQG marks the first major investment in the Adani group since a short-sellers critical report resulted in a stock rout. GQG took a 3.4 per cent stake in Adani Enterprises for around 662 million, 4.1 per cent in Adani Ports for $640 million, 2.5 per cent in Adani Transmission for $230 million, and a 3.5 per cent stake in Adani Green Energy for $340 million, Reuters reported citing the filing.

Seven listed Adani companies have lost around $135 billion in market value since January 24, when Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation.

The group, led by Gautam Adani, refuted the allegations. Adani group later called off a $2.5 billion share sale.

The development came after Supreme Court asked market regulator SEBI to probe the group for any lapses with respect to public shareholding norms or regulatory disclosures, as per the Reuters report. The Adani Group has been attempting to reassure investors with road shows and calls with bondholders.

Adani group has told creditors that it has secured a $3 billion loan from a sovereign wealth fund. US-based GQG has bought shares worth Rs154.46 billion in four Adani group companies, including the conglomerate's flagship firm Adani Enterprises, Reuters reported citing a regulatory filing. Adani family trust sold the shares using Jefferies as a broker.

GQG, which is based in Florida, manages $88 billion in assets, in global, US and emerging markets equities funds. In early Australian trade, GQG Partners shares witnessed a drop by 2.3 per cent while the S&P/ASX200 witnessed a rise of 0.4 per cent on Friday.